Mauro Libi Crestani: How to be a successful after a bankruptcy process

If you want to succeed in life, there is nothing as important as a positive attitude. The right attitude keeps you focused on your goal and prevents you from falling into a depression when things are not going well. Sometimes in business, things do not go according to plan and we end off operating at a loss. Operating at a loss can only happen so long, before you find that you owe many creditors. At some point it becomes difficult or impossible to operate your business unless you change your business plan and goals.

This next part is the hardest. You must be perfectly honest with yourself. This is your business that you put in some much of your time and effort. Carefully analyze the potential of the business without your present debt. Can the business be profitable? Does it pay to try to save the business? If the answer is No! Then face reality.

Does the business have enough to work out deals with creditors and pay them off? If not, then bankruptcy may be your answer. Bankruptcy is not the end of the world. It is the way to get out of an impossible financial situation. It can give you a chance to start again fresh. On the downside it can affect your credit for up to 10 years. If bankruptcy becomes your only option, face it with a positive attitude. There will be a brighter day once your financial headaches are alleviated.

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